If you’re considering home improvements but hesitating due to costs, you might be missing out on a valuable return on investment. If you’re ready to begin, you may wonder how much is a reasonable amount to spend on your home.
There are many good reasons to update your home, whether to make it more enjoyable for your family or to prepare it for sale. However, it’s crucial to ensure that your upgrades increase the property’s value. You don’t want to spend money you can’t get back.
The Journal of Light Construction’s 2024 Cost vs. Value Report can help you identify which renovation projects are worth the investment. Here are five improvements that can boost your home’s value.
Manufactured Stone Veneer If your home has vinyl siding, you might be considering upgrading the front to manufactured stone veneer. The average cost for this project is $11,287. This change will improve your home’s curb appeal and could increase its resale value by $17,291, letting you recover 153.2% of your investment.
Garage Door Replacement Your current garage door may be unattractive or even leaking, which affects its usability. The average cost to remove an old standard garage door and install a new four-section door is $4,513. This upgrade can raise your home’s resale value by $8,751, allowing you to recover 193.9% of your expenses.
Minor Kitchen Remodel — Midrange Your kitchen may be functional but outdated. Refreshing it will make the space more enjoyable and appealing to future buyers. The average cost for a midrange kitchen remodel is $27,492, including updates like new cabinet fronts, countertops, sink, flooring, and paint. This project can increase resale value by around $26,406, recouping 96.1% of your costs.
Siding Replacement — Fiber-Cement Old siding can make your home look unappealing. Replacing it with new fiber-cement siding is a smart investment. The average cost to replace 1,250 square feet of siding is $20,619, and this upgrade can increase your home’s resale value by $18,230, allowing you to recover 88.4% of your investment.
Window Replacement — Vinyl If your windows are drafty, replacing them can save you money on energy bills. The national average cost for replacing vinyl windows is $21,264, which includes ten insulated windows. Completing this project can increase resale value by $14,270, letting you recover 67.1% of your costs. Plus, new windows will make your home more comfortable.